Puckett v. Rufenacht, Bromagen & Hertz, Inc.

587 So. 2d 273 (1991)

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Puckett v. Rufenacht, Bromagen & Hertz, Inc.

Mississippi Supreme Court
587 So. 2d 273 (1991)

  • Written by Robert Cane, JD

Facts

Dr. Puckett and Mrs. Puckett (plaintiffs) began trading commodities using the services of Rufenacht, Bromagen & Hertz, Incorporated (RB & H) (defendant) in 1984. The Pucketts’ accounts with RB & H were nondiscretionary, which meant that the Pucketts made all trading decisions themselves and that RB & H could not make any trades without authorization from the Pucketts. Dr. Puckett executed a significant volume of trades over a 38-month period with RB & H. Ultimately, Dr. Puckett stopped trading after he lost over $2 million trading through RB & H. Dr. Puckett made no complaints that RB & H had mishandled his account. Still, the Pucketts sued RB & H to recover trading losses, arguing that RB & H should have intervened in Dr. Puckett’s trading activities after he demonstrated that he was unfit to trade by accumulating huge losses. RB & H moved for summary judgment, which the trial court granted. The court of appeals affirmed the judgment of the trial court. The Pucketts appealed to the Mississippi Supreme Court.

Rule of Law

Issue

Holding and Reasoning (Hawkins, J.)

Dissent (Pittman, J.)

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